UPDATE: J.P. Morgan Lowering Price Target On Compass Minerals International (CMP)

J.P. Morgan Chase & Co. is lowering its price target on shares of Compass Minerals International CMP to $92 from $94, and it has a Neutral rating on shares. In a note to investors, J.P. Morgan writes, "Compass Minerals is entering a new deicing salt cycle. The 2010-2011 winter season is over, and the company will soon start the bidding process for the next 2011-2012 winter season. The prior 2009-2010 winter was milder than normal, resulting in high inventories and weaker pricing for the 2010-2011 season, which compressed Salt segment margins. Compass normally provides initial data on the bidding progress on the Q2 earnings call: this should provide some initial outlook for pricing. We adjusted down our 2011 EPS forecast from $5.80 to $5.35 to account for a ($0.44/sh) lower than expected Q1:10 results: our earnings projections for the remainder of the year remain unchanged in the aggregate. We lowered our 2012 EPS estimate from $6.50 to $6.30 to reflect a more conservative salt volume forecast, partly offset by higher SOP profits due to stronger pricing." Shares of CMP gained $3.05 yesterday to close at $96.87, a gain of 3.25%.